Wind energy companies see profits sky-rocket as electricity prices soar

Companies who produce wind energy have seen revenue sky-rocket as electricity prices soar.

The State’s Commission for the Regulation of Utilities (CRU) forecasts estimates in the next few months they could earn over €330 a mega watt hour, for electricity they sell.

That's a six-fold increase on the figure the regulator predicted for the same period in 2020.

Irish energy players including ESB, Energia and SSE Airtricity all own wind farms that supply electricity to the wholesale market.

According to the Irish Times, Taoiseach Micheál Martin says the Government will consider a windfall tax on profits made by energy companies in next month's budget.

Mr Martin said energy companies were making “significant profits”.

Meanwhile, the government is coming under pressure from opposition to introduce a windfall tax on energy companies before the budget.

The Social Democrats say it's immoral that energy firms are profiteering on the cost of living crisis, caused by the war in Ukraine.

Co-party leader Roisin Shortall told Newstalk that the government should consider introducing the tax on a long term basis.

"I think there is certainly an argument for that being a long term tax measure but certainly in the short to medium term at a time when inflation is running so high and there needs to be support provided by Government and a windfall tax would provide those receipts for Government to enable them to invest in measures such as retrofitting."